It was all red for cryptocurrencies as the crypto market sold off sharply today. Bitcoin and ETH lead this bearish decline as the two cryptocurrencies dumped hard back down to their respective key levels.
In this crypto End of Day Analysis, we will be talking about these key levels and the possible price scenarios we can expect to play out in the coming days.
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Bitcoin Converging Triangle Pattern Compeleted
We have been following a converging triangle pattern now for the past few weeks Bitcoin Bearish Breakout. Ethereum Crashing Too!, warning our readers of the potential for a Bitcoin short-term sell-off before the bullish trend on the higher timeframe resumes.
That short-term bearish momentum has played out exactly as we predicted. The Bitcoin price has smashed the bearish targets for the short-term time frame, completing the sell-off from the converging triangle pattern on the 4-hour timeframe.
What Next For The Bitcoin Price ?
The key level to watch for on the Bitcoin chart is that $28k support. Can the Bitcoin price hold that level in the coming days or can we expect to see a sell-off soon?
If this support level holds, we can expect to see the Bitcoin price rally from these regions in the coming days. However, a price break and a close below this support could be a strong indicator for more bearish pressure in the coming days.
Ethereum Trading At Support!
Our bearish prediction on Ethereum also played out exactly as predicted Warning: Ethereum 15% Dump Likely In The Next 24hrs!
The Ethereum price dumping more than 15% to complete the bearish trend back down to the base of the converging pattern on the Ethereum 4-hour timeframe.
The key level to watch now is the base channel of that pattern. Can Ethereum bulls hold onto the hope of a bullish potential bounce from these regions or can we expect to see an ETH price breakthrough the downside in the coming days?
Final Verdict!
Both Ethereum and Bitcoin are trading at a very critical price level. Can we expect to see a price bounce in the coming days or will the crypto market just break through these supports and continue to sell off in the coming days?
We believe this question would be best-answered tomorrow as price decides on the trends it wants to go in.
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